Petersburg International Economic Forum and Putin

country: Petersburg International Economic Forum, Putin admitted that the Russian economy is shrinking, but radiated confidence that the country would weather the storm, according to The Moscow Times. We have stabilized the situation, absorbed the negative short-term fluctuations, and are now making our way forward confidently through this difficult patch, Putin told an audience of Russian and foreign business executives, government officials and experts, who came to the annual forum to discuss the country economic future. In his keynote speech on economic policy at the St. Russia economy shrank by 2.2 percent year-on-year in the first quarter of 2015, weakened by sanctions and counter-sanctions imposed over the crisis in Ukraine and a sharp fall in the price of oil, the country main export. Putin used his pulpit to try to drum up investment: We are responding to the restrictions imposed from outside not by closing off our economy, but by expanding freedom and making Russia more open. Analysts expect a contraction of around 3 percent this year and a weak recovery to follow. (news.financializer.com). As reported in the news.